The Freedonia Group has put out a new study on the landscaping products market. This group does all sorts of market studies. And this study has shown three trends driving the landscaping products market. It projects that the industry currently valued at $7.1 billion in demand terms, will grow 4.4% annually through 2023. This growth is predicated on several factors, including:
1 – We are in a Strong Economy: Renovation projects are typically expensive, which is why a healthy, growing economy is closely tied to demand growth in landscaping products. Strong economic conditions spur a rise in homeownership, which in turn can lead to investments in exterior home renovations, including landscaping. Better economic conditions also positively impact the professional end-user segment of this market, as more consumers will opt for more service-based landscaping instead of cheaper, more time consuming do-it-yourself projects.
2 – Outdoor Living’s Outsize Popularity: The study includes survey research that reports 79% of US adults had an outdoor space in 2019, whether they owned it or not. Increasingly, US homeowners looking to expand their livable square footage are turning to these outdoor spaces, undertaking renovation projects to transform basic exteriors into elaborate “outdoor rooms.” These outdoor rooms might consist of kitchens, furnished lounging and entertainment areas, and decorative water and plant features designed to resemble the comforts of the indoors. In particular, this trend is expected to spur demand growth in higher value, better-looking hardscape products, and outdoor heating items.
3 – Those Millennials: According to survey results in the Landscaping Products report, 54% of respondents aged from 25-39 said they enjoyed gardening as a leisure time activity. Millennials are more likely to live in urban areas with limited outdoor space, so they will show greater affinity for compact, portable landscaping items like pots and planters, which can be stored on patios and balconies, or used in rooftop and community gardens.
Broward Landscape is the South Florida leaders in landscape design, outdoor living spaces, outdoor kitchens, bars, outdoor fire pits, exterior lighting, pavers, decking, walkways, tree care, sprinkler repair, pergolas and arbors. Our reputation and results speak for themselves. This includes large-scale corporate environments, city parks, shopping malls and apartment complexes, condominiums and homeowner associations. Our experienced landscaper designers set the standard each day in landscape design and hardscaping. We are the landscapers that light up your life!